With reference to the International Monetary and Financial Committee (IMFC), consider the following statements: [UPSC Prelims 2016]

With reference to the International Monetary and Financial Committee (IMFC), consider the following statements:

1. IMFC discusses matters of concern affecting the global economy, and advises the International Monetary Fund (IMF) on the direction of its work.
2. The World Bank participates as observer in IMFC’s meetings.

Which of the statements given above is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Ans. C
Explanation:
The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system
Why the question Came:
Increasing role of IMF in world economy and UPSC going in deeper into the structure and functioning rather than the usual details is interesting… The extra focus on external economies and global institutions was there in the Economic Survey too…
Sources:
The IMF
http://www.imf.org/external/np/exr/facts/groups.htm

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